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4 Tips to Pay Off Your Mortgage Faster!

4 Tips to Pay Off Your Mortgage Faster!

4 Tips to Pay Off Your Mortgage Faster - Darren Robinson

Are the winter blues getting you down – or is it your mortgage payments? After the holidays, many of us feel the sting of overspending and now that it’s a new year and we’re entering tax season, it’s time for us to start thinking smart about our money and financing too. It’s easy to let money stress us out and get us down, but if you invest a little time and energy, you can cut down on both the stressors and interest too. If you’re ready to buckle down on your bills, these crafty tips can help you pay off your mortgage faster, while taking a chunk out of interest payments.

  1. Add an extra sum to each payment

It doesn’t need to be a large amount – but, by adding an extra $20 each month to your mortgage payments, it can make a pretty big impact in the long run. Consider how much you spend in other areas of your life and make small budget cuts. For example, if you eat out for lunch every day, consider bringing a lunch with you to work and then putting that money you would have spent to better use. These small purchases can add up quite a bit over the month. If you’re spending $5 per lunch during the workweek, that’s $100 over the course of the month. If you put that total towards your mortgage payments instead, it can save you literally thousands in the long run!

  1. Accelerate your payments

Many of us opt for monthly payments for our mortgages, but if you accelerate to weekly or bi-weekly payments instead, you can save more on interest charges. You may not notice the difference when making the payments, but again, when playing the long game, you will see the difference you will pay in interest charges.

  1. Put those bonuses to good use

Do you receive an annual raise or extra bonuses at work? If you really want to get your mortgage paid off faster, put these towards your mortgage. If you can afford a bigger payment each month with each raise you are awarded, as well as, any extra cash or unexpected income you might have received. For example with an inheritance or lottery winnings, consider putting that money towards your mortgage before you blow it all on a fancy vacation. Also, with tax season upon us, if you’re expecting to get a return on your taxes this year, put that towards your mortgage as well and remember, every little bit counts!

Consult a mortgage pro!

This is probably the most important step you will take, but if you really want to navigate your mortgage payments and want further advice as to how you can pay off your mortgage faster, consult a mortgage expert like myself! I understand how easy it is for some of us to get lost when trying to establish a plan for mortgage payments – but with my help, it can be a lot easier. As a financial advisor that’s always a phone call away, I can save you money, time and effort and you can trust that I work with your best interest at heart. Don’t let the mortgage blues get you down any longer, contact me, Darren Robinson today at 705-315-0516 and let’s take a look at the finer details together.

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